Market News Page No. 550| Africa Business News | Afrotrade

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Chinese steel producer to build its largest overseas steel mill in Africa

Hebei Iron & Steel Group has signed a 51 per cent stake in a venture with the Industrial Development Corporation of South Africa and the China-Africa Development Fund to build the mill. Company officials, however, did not reveal the project cost. The plant is expected to produce five metric tonnes of construction steel by 2019. Production is likely to begin in 2015, stated a report in The Wall Street Journal. China produces 43.... Read more »

Posted on : Friday , 14th November 2014

Nairobi signs US$75 million transport deal with Chinese auto manufacturer

The Nairobi county has signed a US$75mn deal with Chinese auto manufacturer Foton Motor to buy 266 buses for the city’s metro transport system. The 62-seater buses cost US$118,000 and part of the funds allocated for the deal would be utilized to design and develop terminals and fleet management systems, the government officials said. The deal was signed by Evans Kidero, governor of Nairobi, and Foton Motor officials. According to.... Read more »

Posted on : Friday , 14th November 2014

Honda Motor : Unveils New Models in Kenya

Japanese car maker Honda Motors has unveiled new-generation high-end vehicles in the country in a bid to tap into the increasingly expanding new motor vehicle market. The vehicles include the new generation of Honda Accord 2014 and Honda Ballade 2014, targeted at buyers of the high and middle class. The new Accord's distinctiveness is in its look as it is longer and wider and more spacious than its predecessor. "Despite the.... Read more »

Posted on : Friday , 14th November 2014

Tullow Oil, Africa Oil receive 1 year extension in block 10BB, 13T

The Kenyan government has approved extension of the exploration license in blocks 10BB and 13T by one year following delays in acquisition of 3D seismic. Following the approval exploration periods for block 10BB and 13T will expire in July 2017 and September 2017, respectively. This year the partners in both blocks have acquired a 704 square kilometer 3D seismic program over the discoveries and prospects along the Basin.... Read more »

Posted on : Thursday , 13th November 2014

Tanzania: VP Touts Natural Gas Use to Curb Climate Change

AVAILABILITY of funds from the United Nations Green Climate Funds will help the country finance adaptation projects, including connecting most households to natural gas as source of energy. The Vice-President, Dr Mohamed Gharib Bilal, said rolling out natural gas use to households will help wean the society from fossil fuel such as firewood and charcoal dependence which contributes to greenhouse gas emissions. In a speech.... Read more »

Posted on : Wednesday , 12th November 2014

Tanzania: Over 1,000 to Access Power in Mbinga Next Year

MORE than 1,100 people in Mbinga district, Ruvuma region, will be connected with electricity next year through the Rural Energy Agency (REA), Parliament was told on Tuesday. This was said by Deputy Minister for Energy and Minerals, Charles Kitwanga, when responding to a question raised by Gaudence Kayombo (Mbinga North - CCM) who wanted to know about government plans to distribute electricity in all villages in Mbinga.... Read more »

Posted on : Wednesday , 12th November 2014

Tullow Oil cuts on offshore exploration to focus on East Africa acreage as crude oil price drop

Following the drop in global crude oil prices Tullow Oil says I will be reducing on exploration cost as well as focus on high margin oil and its major basin-opening potential. “In light of current oil and gas sector challenges including the commodity price environment, we are reviewing our capital expenditure and our cost base to ensure that Tullow is well-positioned for future success,” Tullow Oil Chief Executive.... Read more »

Posted on : Wednesday , 12th November 2014

Solo Oil provides update on acquisition of interest in Tanzania

Solo Oil plc has announced that, further to the announcement of 14 October 2014, it has been advised by Aminex PLC that the conditions precedent which are remaining to close the acquisition of an initial 6.5% of the Tanzania’s Kiliwani North Development Licence (KNDL) are the formal approval from the government. Aminex says it is also awaiting from the Tanzanian government the completion of the Deed of Assignment, also.... Read more »

Posted on : Wednesday , 12th November 2014

Multiclient Seismic Data Offshore Mozambique Now Available

Schlumberger has announced the availability of its multiclient seismic survey offshore Mozambique. The Schlumberger multiclient seismic data offered in collaboration with the National Petroleum Institute of Mozambique (INP) includes reprocessed 2D lines and newly acquired seismic data, and provides detailed imaging of the subsurface. According to the president of PetroTechnical Services at Schlumberger Maurice Nessim the.... Read more »

Posted on : Wednesday , 12th November 2014

East Africa woos Indian investment

NEW DELHI, India - President Paul Kagame has taken his search for investors to India, promising red-carpet reception for Indian investors to take advantage of the unrivalled business opportunities that Rwanda offers. Kagame, who was in New Delhi, outlined specific investment areas to the Confederation of Indian Industry last week ahead of the World Economic Forum and India-Africa Summit. “It’s not where I am sure.... Read more »

Posted on : Tuesday , 11th November 2014

Tanzania set for ore Exports

The National Development Corporation (NDC) said in the statement that Tanzania is set to produce 1.1 million metric tonnes annually. Once the commercial production takes off, NDC said Tanzania will be one of the top four iron producers in Africa. This will be the basis for putting up an iron and steel metallurgical complex which in turn will create hundreds of jobs. Mlingi Mkucha, the acting NDC.... Read more »

Posted on : Tuesday , 11th November 2014

Dangote seeks license to build a coal power plant in Tanzania

Africa’s richest man Aliko Dangote is seeking to be awarded a license for a 75 megawatt (MW) coal power plant in Tanzania. Energy from the coal power plant will be used to power up the US$ 500m cement factory that is currently under construction in Mtwara Tanzania. The plant will also power the residential and commercial development complex around the factory. This is due to the fact that interruption of power supply or.... Read more »

Posted on : Monday , 10th November 2014

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